Fitch affirms MCGF's long-term rating at 'BBB-/Stable'

Fitch, the international rating agency, has affirmed the Mortgage and Credit Guarantee Fund's (MCGF) long-term foreign and local currency rating at the same level as Azerbaijan's sovereign rating – "BBB-/Stable," Report informs referring to the fund.

According to the agency's analysts, the affirmation of the fund's rating at the sovereign rating level of "BBB-" (outlook stable) is driven by the strong ties between the MCGF and the government, as well as the fund's strategic role in providing affordable housing and developing the business environment by facilitating financing for small and medium-sized enterprises.

The agency particularly noted the fund's financial stability, asset quality, and reasonable liquidity position, despite its non-profit mission.

Fitch has been assessing the fund's activities and publishing its independent credit rating since 2009.